Singapore’s Ezra Holdings’s proposed subsea services joint venture with Japan’s Chiyoda Corporation has moved a step closer with a binding share sale and subscription agreement. Chiyoda is buying into a UK-registered Ezra vehicle, EMAS-AMC Holdings whereby Chiyoda will hold a 50% in the subsidiary. Chiyoda will pay $180m for the 50% stake.
Chiyoda, an engineering company, is coming in for Ezra’s subseas business as it looks to get more into the offshore space. Ezra specialises in the subsea installation of umbilicals/power cables, pipelines as well as platforms, floating platform storage offloading and floater installations. Chiyoda and Ezra’s joint venture has been valued at $1.25bn when it was first announced at the end of last month.